Riverside buys Bike24 back from Bridgepoint's WiggleCRC

Riverside sold the company to WiggleCRC in October 2017 for around £100m, ending a two-year holding period for the GP.

The GP has now drawn capital from Riverside Europe Fund VI to reacquire the firm; the fund is currently raising capital towards a €600m target.

Riverside partner Michael Weber said that, during its first period of ownership, Riverside focused on improving the infrastructure of the business and will now further strengthen its international presence through organic growth and acquisitions.

Previous funding
Riverside first acquired Bike24 from its founders in February 2015. The sale was run by Altium Capital and the enterprise value was estimated to stand at less than €50m, backed by a €21m debt package (3x EBITDA).

The business was sold to Bridgepoint portfolio company WiggleCRC in 2017.

Company
Founded in 2005 by Andrés Martin-Birner, Falk Herrmann and Lars Witt, Bike24 sells bikes and accessories via its website. Around 80% of its sales come from bike-related accessories.

People
The Riverside Company – Michael Weber (partner); Matthias Fink (principal); Tillmann Immisch (vice-president); Florian Halama (senior associate); Simon Behnken, Nicola Tomaschko (associates); Ivica Turza (head of DACH origination).
Bike24 – Andrés Martin-Birner (founder).

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• Topics
• Buyouts
• Exits
• DACH
• Consumer
• Germany
• Riverside
• Bridgepoint